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Term

CONSUMER
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UTILITY
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The Consumer

Economics

TermDefinition
CONSUMER An individual who makes the decision whether to buy goods or services
UTILITY The amount of benefit or satisfaction derived from the consumption of a good or service
ECONOMIC GOOD A product or service which commands a price, derives utility and is transferable
CHARACTERISTIC OF ECONOMIC GOODS Price, Utility and Transferable
PRICE it must command a price
UTILITY The good must provide the consumer with some feeling of satisfaction
TRANSFERABLE Ownership or benefit must be capable of being given from one person to another
MARGINAL UTILITY The extra satisfaction a consumer gets from consuming an extra unit of the good
THE LAW OF DIMINISHING MARGINAL UTILITY As more units of the good are consumed, a point will be reached where marginal utility eventually begins to decline
EQUILIBRIUM The condition where there is no tendency to change
EQUI-MARGINAL UTILITY PRINCIPLE Explains the behaviour of a consumer in distributing their limited income along various goods and services
******FORMULA****** MUx / Px = MUy / Py.............MUn / Pn
Created by: jennifer.s
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